CBOT soybeans pare gains after hitting life-of-contract highs
MOO•Soybeans ease from contract highs on profit-taking
Chicago Board of Trade soybean futures slipped from contract highs on Monday following a round of profit-taking and weakness from wheat and corn futures.
- Soybeans hit life-of-contract highs earlier in the session on rising crude oil prices and solid export demand.
- Export demand for soybeans remained solid, and the USDA reported that exporters sold 159,000 metric tons of U.S. soybeans to unknown destinations.
- The Trump administration is expected as early as Monday to approve an expanded volume of exemptions for U.S. oil refiners from biofuel blending requirements, according to two people familiar with the matter.
- Oil prices gained more than 2% on Monday after a resumption of military action between the U.S. and Iran rekindled market concerns about global supply disruption, as the conflict extended into its sixth month O/R. Soybean futures often follow movements in crude oil as the oilseed is commonly used as a feedstock for biofuel.
- Analysts on average expect the U.S. Department of Agriculture to rate 59% of the soybean crop in good-to-excellent condition, down from 60% a week ago in its weekly crop progress report.
- New-crop November soybeans SX26 settled unchanged at $12.88 per bushel.
- CBOT October soymeal SMV26 ended $3.90 lower to $338.60 per short ton, while December soyoil BOU26 settled 0.06 cent higher to 71.12 cents per pound.
